Pump prices aren’t the only thing rapidly falling these days.
The Toronto Real Estate Board says home sales were down 69% in the first 17 days of April compared with a year ago.
(National Post/Tyler Anderson)
In an unusual mid-month update, TREB President Michael Collins says uncertainty about jobs and the economy were contributing factors, as were physical distancing measures that make homebuying more difficult.
Sales fell the most in the condo segment while higher-end detached sales in the city also saw more declines.
New listings were down 63.7% leaving the market tight enough to support the average selling price in line with 2019 figures.
The average selling price was down 1.5% to $819,665.
The Toronto Real Estate Board says the market may see year-over-year average price declines through April, May and June, though TREB expects the average price for the year to likely stay near last year’s level because of lower sales expected in the second-quarter.